At STS Accounting Group we highly recommend the myDeductions app for individuals and sole traders. It’s easy to use and allows you to keep reliable records throughout the year, fuss-free! Why not set yourself up for a simple year ahead by downloading the app today. Download the myDeductions App now Record keeping with myDeductions As […]
As we draw to the end of the 2021/22 financial year, now is the time to check out our simple Tax Return Checklist 21_22 and see what records you need to compile to make your tax return as simple and efficient as possible. Download our Tax Return Checklist 21_22 now Additional investments If you […]
Have you been worried about your incoming and outgoing invoices and cash flow? As a sole trader or small business, you are not alone and STS is here to help. Take advantage of our remote bookkeeping services and get back to enjoying working for yourself. Why not get on track today… The first quarter of […]
We recommend paying your employees super before the end of the financial year if possible. To be eligible for a deduction for super you must pay the super contribution before 30 June – even though you don’t need to pay your June quarter super until 28th July. It is not paid by 30 June, your […]
Reporting through Single Touch Payroll (STP) will require some changes to your end-of-financial-year processes. You no longer need to provide a payment summary to your employees or lodge a payment summary annual report to us for any information that’s already been reported and finalised through STP. You should tell your employees that: you won’t be […]
You may be able to claim a tax deduction for personal super contributions that you made to your super fund from your after-tax income, for example, from your bank account directly to your super fund. Notice of Intent Before you can claim a deduction for your personal super contributions, you must give your super fund […]
As of 1 July 2021, any Self Managed Super Fund will need to be independently audited. As such, if you use STS Accounting Group for your SMSF and Taxation management, we will be in touch to discuss how we ensure that these two services are independent of each other. The ATO has released new independence […]
Client: Jason Armstrong Business / Company Name: Kyeema Rural Fencing Brief Description of your Business: Kyeema Rural Fencing specialises in all types of rural fencing, including cattle & sheep yards & horse arenas. How long have you been in operation? Kyeema has been in operation for 8 years, however, I have been in the farming industry for over […]
The ATO has announced that they will be focussing their interest on Cryptocurrencies during the 20/21 EOFT taxation process. If you individually, or through your business, have had dealings with Cryptocurrency in the past financial year, you will need to include these in your EOFY tax return. Please ensure declare your transactions, have clear records, […]
The Australian Taxation Office (ATO) and Services Australia are warning the community about a new email impersonation scam that is doing the rounds. The fake emails claim to be from “myGov” and include screen shots of the myGovID app. The email asks people to click a link to verify their identity using a “secure form” […]
As we head into winter, and another lockdown, here are a few finance-themed movies sure to entertain you… #1 Money for Nothing Adapted from a true story, dockworker Joey Coyle ( finds over $1 million, which fell from an armored car. Instead of returning the money, he embarks on a spending spree unchecked by the […]
Providing a work car to your employees can be a great incentive. If you provide a car to an employee for their private use, you may need to pay fringe benefits tax (FBT). You make a car available for private use by an employee on any day that the car is either: actually used for […]
Have you browsed the Business Victoria Grants website lately? The Business Victoria website offers a user-friendly filter to enable you to quickly search for grants that may suit your current business strategy and or industry and timing. Currently they’re offering grants for: Young Farmers – Up to $10,000.00 Farm Energy Grants – Seperate Assessment and […]
Cloud-based Accounting Software means that users subscribe to an online accounting software solution and move their books to the “cloud”. The cloud makes data and software accessible online anytime, anywhere, from any device. The hard drive on your computer or laptop is no longer the central hub. From then on, the user can access their […]
The ATO’s occupation and industry guides will help you work out what income and allowances you declare and the work-related expenses you can claim as a deduction. You must include all the income you received during the financial year in your tax return, including salary and wages, and allowances. To claim a deduction for work-related […]
Have you had a chance to distill the outcomes of the 2021 budget? No doubt, the budget tax measures are positive for small and medium enterprises. Measures that support business investment such as the 12-month extension to the immediate expensing of assets and tax loss carrybacks and the new patent box tax regime are all […]
Did you know that scammers target small business owners as they recognise they are busy and usually have limited resources to keep their systems safe. Scam risks have increased as a result of the COVID-19 pandemic. The latest COVID-19 scams are designed to take advantage of the changes to our daily life including: loss of […]
Eligible businesses that received JobKeeper payments do not need to repay those amounts. However, some businesses may choose to voluntarily repay an amount. This amount can be equivalent to some or all the JobKeeper payments received from the ATO. Voluntary repayments do not reduce the amount of JobKeeper a business received. These payments must be […]
Did you know you can increase your super with extra contributions? You can grow your super by making extra payments yourself. Even small amounts add up over time, and voluntary contributions can reduce the amount of tax you pay. If you’re on a low income, you may be eligible for extra contributions from the government. […]
Here are 10 good tips for completing your next business activity statement (BAS)… #1 Keep accurate and complete records of all sales, fees, expenses, wages, and other business costs. #2 Use our Record keeping evaluation tool to help you assess how well you’re keeping your business records. #3 Only lodge one BAS for each period. If your form […]
